Meridian and Nova to form JV for 400MW New Zealand solar project

Meridian Energy has finalised agreements with Nova Energy to establish a joint venture (JV) for the construction and operation of the 400MW Te Rahui solar farm at Rangitāiki near Taupō, New Zealand.

The equally owned JV has received NZ$300m ($177m) in financing for the 200MW first phase of the project.

The JV has arranged for an equal sharing of the project’s offtake, with Meridian purchasing the total output and Nova entering a contract for difference for half of the electricity produced.

In April 2024, Nova obtained resource consent for the Te Rahui solar farm. Once both phases are operational, the facility is projected to supply enough electricity for around 100,000 households.

The initial power generation from phase one will commence in mid-2026, with full operational capacity anticipated by mid-2027.

Neither Meridian nor Nova has made a financial commitment regarding the second phase of the project, although both parties are working towards advancing it.

Meridian chief executive Mike Roan stated: “Te Rahui is a big undertaking and sharing the investment and offtake makes strong commercial sense for both parties, while the project will also benefit home and business customers by further strengthening security of supply.”

“It’s a real win-win and we’re delighted to have this opportunity to partner with Nova on Te Rahui.”

The initiative is part of Meridian’s broader strategy to kickstart seven new projects by 2030, a goal that has been bolstered by the recent completion of the Harapaki wind farm and Ruakākā battery energy storage system (BESS).

Additional projects in Meridian’s pipeline include another BESS in Manawatū, a wind farm at Mount Munro, a solar farm adjacent to the Ruakākā BESS and the refurbishment of the Te Rere Hau wind farm.

The Ruakākā solar farm is currently under construction, and the Mount Munro wind farm has advanced to the detailed design phase.

Roan added: “We are doing our share of the heavy lifting to secure New Zealand’s energy future. Having invested more than $1bn in the past five years, we have a further $2bn planned for investment over the next three years. These projects will add over 1,000MW of new capacity, a five percent increase to the electricity system.”

“Our contribution to capacity growth goes even further. Through agreements like this one with Nova and the power purchase agreement we have with Harmony Energy/First Renewables for their 150MW Tauhei solar farm in the Waikato, Meridian is also supporting other developers.”

The JV between Meridian and Nova, initially announced in December 2024, has entrusted the construction and initial operations and maintenance to Beon Energy.